January 6, 2015
In 2013, The American Land Title Association (ALTA) published Version 2.0 of ALTA's Title Insurance and Settlement Company Best Practices. In addition, they published resources Worksheets and Assessment Procedures. Collectively, these documents are referred to as ALTA's Title Insurance & Settlement Company Best Practices Framework.
The best practices framework provides standard assessment tools and consists of 7 pillars:
* Escrow Trust Accounting
* Protecting NPI
* Settlement Processes
* Policy Production
* Insurance Coverage
* Consumer Complaints
As you know, large lenders such as Wells Fargo and Bank of America are adopting ALTA Best Practices as a minimum standard for title and settlement service providers and some lenders have already stated expectations that agents will have done a Best Practices self assessment in 2014 and are asking for their written procedures.
You can access tools, documents and find additional resources on the ALTA website: http://www.alta.org/bestpractices
We've placed a copy of the ALTA Best Practices in EPIC under Member Access as well.
We'll be sending updates, sample templates of written procedures and conducting webinars but we'd like to hear from you - our agents, on how we can help you create a program for adoption of and adherence to the ALTA Best Practices!
If you have any questions, please contact us at 303-292-3055 or 800-525-6558 x0.
ATGF - sharing information, coordinating activity, and promoting best practices with our agents!